Those requirements are: Reserves savings over 10%, No litigation, no one party owns more than 10% of the total units, low renter and high owner concentration, and sufficient insurance.

OP has an attorney and rather than picking up the phone he posts the scenario in an internet forum... huh?

You have found the absolute best resource on the internet to learn about investing in real estate.

Use friends and family (if they live in the area) and the internet to do your own research. 

The internet (for DIY)

I can't speak to the Canadian market, but I would think that you would be able to find similar resources and ideas from the broad spectrum of people on BP, as well as around the internet. 

First off - I'm total noob so trying to learn a lot.I'm looking to buy a condo or townhouse which I plan on keeping long term as a rental property.From looking at Zillow I noticed that there are some large-ish neighborhoods where there are few to no properties for rent, and others where there are several properties for rent in a condensed area.All things being equal, is it better to avoid areas where there's a high concentration of rental properties?

@Lumi Ispas  I think the reality of wholesaling out of state unless you have a very large amount of money for marketing is a non starter.. that's why I suggested buying a 1k house.. at least in the first 10 minutes of Cody looking at the internet he could find a house he could buy.. ( don't waste money on postage and such) and then he can use whatever resale techniques he has learned from others here on PB and resell for say 2 or 3k... and make some money.. without costing him more than his time..

@Bart Hedgcock   I do not like him because he was wrong about the "internet economy" (tech bubble) and the "decisive war" (Iraq)  and the "Bush miracle" (Great Recession).Also he is not an economist. 

Fortune named him the “original hippie entrepreneur” in 2002, and he coined the phrase “restorative economy”Here’s a great TED talk on what must occur:The Third Industrial Revolution: A Radical New Sharing EconomyA distributed, non-centralized, internet of things based sharing economy.Productivity globally has been declining for 40 years.